greenhouse gas emissions are expected to increase the use of alloys for automotive, which is
expected to boost demand for automotive alloys. These alloys have very low carbon footprint,
which reduces carbon dioxide emissions and therefore, have high application in the automotive
sector. According to the report by The International Council on Clean Transportation (ICCT), the
U.S. Environmental Protection Agency (EPI) and the National Highway Traffic Safety
Administration (NHTSA) released the final rules for heavy-duty vehicle fuel-efficiency and
greenhouse gas standards in August 2016.
Magnesium alloy segment is expected to exhibit high growth during the forecast period (2018-
2026), owing to increasing demand for magnesium alloy in automotive. This is owing to the fact
that, it shows properties such as high strength and creep resistance. Magnesium alloys are
unique with characteristics such as ability to absorb energy, high specific strength, high vibration
absorption, and excellent corrosion resistance. These are mainly being used in interior parts and
frameworks of vehicles such as oil pumps, crankshaft, cylinder crankcase, and radiator support.
Moreover, automotive OEMs are more focused towards lowering the weight of a vehicle without
conceding the strength capabilities for which adoption of magnesium alloys is one of the viable
solution.
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Regional Analysis of Alloy market for Automotive
On the basis of geography, the global alloy market for automotive is segmented into North
America, Europe, Asia Pacific, Latin America, Middle East, and Africa Asia Pacific is expected to be
the largest alloy market for automotive, over the forecast period. This is owing to increasing
demand for automobiles among consumers, which has led to high growth of the automotive
industry. This in turn is expected to aid in growth of the market. For instance, according to report
by, India Brand Equity Foundation (IBEF), the Indian automotive industry (including component
manufacturing) is expected to reach US$ 251.4-282.8 billion by 2026. North America and Europe
markets have been witnessing high growth in the alloy market for automotive in the recent past.
This is due to increasing production and sales of automobiles in the region in North America. For
instance, according to report by World Trade Organization (WTO), in year 2017 the sales of
automobiles increased by 50% in Canada from 2015.
Key Players in the global alloy market for automotive
Major Key players operating in the automotive alloy market are ThyssenKrupp AG, Sumitomo
Metal Corporation, AMG Advanced Metallurgical Group, UACJ Corporation, Arcelormittal SA,
Nippon Steel & Sumitomo Metal Corp., Constellium N.V., Alcoa Inc., Norsk Hydro ASA, and Novelis